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Food and beverage stories

Dairy deal

Tasmania’s buoyant dairy sector has sparked a sizeable acquisition, with a mixed agribusiness and a Burnie Whisky distillery both winners. Launceston based TasFoods has just forked out $11.5 million to acquire a chunk of Betta Milk, including its Burnie milk processing assets. The deal is expected to give the agribusiness a significant growth opportunity, with TasFoods Executive Chairman, Shane Noble, telling The Advocate: "This is an exciting step forward for TasFoods and represents the acquisition of a well-known Tasmanian brand that is highly complementary to our existing dairy brands.” The sale also gives a pared down Betta time to focus on its Hellyers Road Distillery, with Chair Neville Latimer saying: "The sale of the milk business will provide us with the funds to grow and expand whisky opportunities to take advantage of emerging demand from Europe, Asia and the United States.”

26 May 2019, Edition 205

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